Reaching this level is an achievement that few believed in at the beginning of Bitcoin's journey, but which, in retrospect, is the result of a joint effort by developers, miners, investors, educators and users who believe in the potential of Satoshi Nakamoto's invention.
Bitcoin under the Brazilian flag (Midjourney)
The cryptocurrency market in Brazil recorded a historic moment this Monday (11), with Bitcoin surpassing the 500 thousand reais mark for the first time in history. The record value is the result of a strong demand for the cryptocurrency in the country, according to data from Mercado Cripto, which monitors volumes and prices of the digital currency in brokerages operating in the country.
The appreciation of Bitcoin in the national territory points to a new phase in the behavior of investors, who are increasingly looking for decentralized and inflation-resistant assets, in an uncertain global economic scenario marked by instability.
Industry analysts explain that this record growth is not an isolated event, but rather a reflection of a series of factors: imminent institutional adoption, the growing presence of funds accumulating Bitcoin, and the increased perception of the asset as a reliable store of value.
With major financial institutions and even governments considering Bitcoin in their investment policies, many investors see cryptocurrency as a safe and innovative answer to the traditional financial system.
Furthermore, the growth in trading volume also points to a diversification of investor profiles, with the entry of large institutional players and small investors seeking to protect their assets in times of high inflation and unpredictable monetary policies.
In Brazil, this context is even more relevant, considering the instability of the local currency and the lack of accessible investment alternatives for a large part of the population.
Today will go down in the history of the Brazilian crypto market as a moment of consolidation and renewed hope for those who see Bitcoin technology as a new way to access and manage wealth.
Bitcoin's trajectory to R$500,000
Bitcoin's trajectory towards the value of 500 thousand reais is marked by a history of exponential growth, technological innovation and changes in public and institutional perception of cryptocurrencies.
Since its creation in 2009 by an anonymous figure using the pseudonym Satoshi Nakamoto, Bitcoin has evolved from an unknown digital experiment into one of the most sought-after asset classes in the world.
This trajectory is a reflection of complex factors, ranging from technology and scarcity to economic crises and the search for alternatives to the traditional financial system.
1. Beginning: From creation to the first value
In 2009, Nakamoto launched Bitcoin into a world still recovering from the 2008 financial crisis. The idea was to create a decentralized currency, where transactions were validated by a network of computers (nodes) rather than a central authority.
The first Bitcoin block, called the “Genesis Block,” contained a message about bailing out the banks, a critique of the financial system.
Initially, Bitcoin had zero value, and the first transactions took place only between technology enthusiasts.
In 2010, one of the first known monetary transactions was made by a programmer who paid 10,000 BTC for two pizzas, an iconic moment that symbolizes the beginning of its monetary value.
2. First years of high volatility (2011-2015)
As Bitcoin gained popularity among internet users and blockchain technology enthusiasts, it began to be traded on exchanges.
In 2011, its value reached one dollar for the first time. From that moment on, volatility became a striking characteristic of the asset.
It quickly rose to around $31 before falling back down. These boom and bust cycles would continue to be a hallmark of Bitcoin.
During this period, Bitcoin began to gain media attention, especially due to its use in illicit marketplaces such as Silk Road. Despite its initial bad press, Bitcoin was beginning to be seen as a viable alternative for digital transactions.
3. Consolidation and first major upward cycle (2016-2017)
Starting in 2016, public perception of Bitcoin began to change. Institutional investors began to take a closer look at the cryptocurrency, and countries like Japan began to consider legalizing it.
During this period, the second halving occurred (an event in which the reward for miners is reduced by half, reducing the issuance of new bitcoins), which boosted the price.
In 2017, Bitcoin hit $20,000 for the first time. This bull run was driven by growing interest from retail investors and the introduction of financial products such as Bitcoin futures on the Chicago Mercantile Exchange (CME).
4. Decline and recovery (2018-2020)
After the 2017 bull run, the market faced a sharp decline in 2018, with Bitcoin losing around 80% of its value.
Many critics have called the asset a “bubble.” However, developers and the community have continued to work on the technology, creating scalability solutions like the Lightning Network to make transactions faster and more accessible.
In 2020, during the pandemic, Bitcoin gained new momentum. The injection of money into the global economy, through stimulus packages, sparked interest in Bitcoin as a store of value, driving up its price.
5. Institutional adoption and towards $60,000 (2021)
The year 2021 was full of important movements, with companies like Tesla and MicroStrategy acquiring large amounts of Bitcoin. All of this was seen as a legitimization of the asset by the corporate sector.
Bitcoin hit an all-time high of $64,000 in April and again reached a similar high in November. In addition to corporates, Bitcoin has begun to gain state recognition, with El Salvador adopting the cryptocurrency as legal tender, a historic move that brought a new layer of legitimacy to the cryptocurrency.
Adoption by large institutional investors such as hedge funds and publicly listed companies has cemented Bitcoin as an emerging asset class.
6. Regulations, ETFs and Resilience (2022-2024)
In the years since, Bitcoin has faced regulatory challenges in several countries, including mining bans and trading restrictions in places like China.
Still, the asset continued to gain support elsewhere, with countries adopting regulations aimed at protecting investors while also encouraging the growth of the cryptocurrency market.
In 2023, the approval of the first Bitcoin ETFs (index funds) in the United States further facilitated traditional investors' access to the asset.
This fueled a new wave of appreciation, leading Bitcoin to reach and surpass new records. The interest of banks and financial institutions in developing Bitcoin-related products was a crucial factor in increasing the asset’s liquidity and credibility.
7. Reaching 500,000 and the Future
In 2024, Bitcoin finally reached the 500 thousand reais mark in Brazil, consolidating itself as one of the largest stores of value in the country and in the world. This value reflects the asset's resilience and growing global adoption.
Reaching this level is an achievement that few imagined possible at the beginning of Bitcoin's journey, but which, in retrospect, seems to be the result of a joint effort by developers, miners, investors and users who believe in the cryptocurrency's potential.
In the future, Bitcoin is expected to continue its upward trend, and for many, the value of R$500,000 per Bitcoin is just the beginning. As the asset becomes more popular, and with the possibility of more countries following El Salvador's example, Bitcoin may one day surpass the R$1 million mark.